Last week, the price increased on average by 1.3ppl to 178.39ppl – a change year-on-year of 48ppl.
The news means the average price at the pump is now higher than before the fuel duty cut was announced in the Spring Statement with a number of global geo-political factors playing a critical role in the uncertainty.
Brent price
The Energy Information Administration has reported Brent crude oil prices averaging $107 per barrel in the second quarter this year with the average price in April at around $105.
Although the price is lower than the high levels seen during the early days of the Ukraine crisis – where a barrel was reaching more than $130 – it has risen in recent weeks having fallen below $100 on the news of US oil reserves being released.
Continued uncertainty of the situation in Ukraine offset by weaker demand has resulted in the price stabilising around the $105-$110 mark in recent weeks with the inevitable domino effect of prices at the pumps remaining at a high level.